Q: Is my property tax deductible?

Answer: There were several IRS tax deductions that didn’t survive the tax reform process and no longer will be available. However, the deduction for state and local taxes, which includes the property tax deduction, did make it through – sort of. So the short answer is yes, property taxes are still deductible.

However, the Tax Cuts and Jobs Act made one big change to the deduction for state and local taxes that could limit the amount you’re able to deduct. What’s more, one of the biggest changes to the tax code could make it so that even if you pay property taxes, you won’t be able to take advantage of the deduction at all.

The deduction for state and local taxes, also known as the SALT deduction, has been quite lucrative for many taxpayers – particularly those who live in high-tax states. This deduction includes state and local property taxes paid, as well as either state and local income taxes or sales taxes.

Many Republicans wanted to do away with the deduction entirely, but after some compromise, the SALT deduction survived. However, the Tax Cuts and Jobs Act put a $10,000 annual cap on the deduction.

In addition, the deduction is an itemized deduction, meaning that to use it, you have to itemize deductions on your tax return.

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